GROWGENERATION CORP (OTCMKTS:GRWG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry Into a Material Definitive Agreement
On March 6, 2017, GrowGeneration Corp. (the Company) entered into
an agreement to purchase and sell assets (the Purchase Agreement)
with Seattles Hydro Spot LLC (the Seller) and David G. Iacovelli
to purchase from the Seller substantially all of the assets in
connection with a retail hydroponic store known as Seattles Hydro
Spot (the Business) located in Seattle, Washington. The closing
of the asset purchase took place on May 16, 2017.
The assets subject to the sale under the Purchase Agreement
included inventory, equipment, supplies, leasehold improvements,
books and records, contact list, files and data, trade name,
goodwill, intellectual property and other assets listed in an
exhibit thereto. As consideration to the inventory and assets
purchased under the Purchase Agreement, the Company agreed to pay
a total of $140,000. The Company also agreed to pay the Seller an
amount calculated based on certain gross revenue thresholds of
the Business during the 12-month period following the closing of
the purchase.
In connection with the purchase of the assets, the Company also
entered into a commercial lease, to be effective from May 17,
2017 to April 30, 2022, to rent the premises where the Business
is located.
The foregoing descriptions of the terms of the Purchase Agreement
and the lease do not purport to be complete and are qualified in
their entirety by reference to the full text of the forms of them
filed herewith as Exhibits 99.1 and 99.2, respectively.
Section 2 Financial Information
Item 2.01. Completion of Acquisition or Disposition of
Assets
Disclosures under Item 1.01 above are incorporated hereunder in
their entirety.
Section 9 Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
| Exhibit No. | Description | |
| 99.1 |
Form of Agreement to Purchase and Sell Assets, dated March 6, 2017, by and among GrowGeneration Corp., Seattles Hydro Spot LLC and David G. Iacovelli |
|
| 99.2 |
Form of Commercial Lease, dated May 17, 2017, by and between GrowGeneration Corp. and BUILDING ACCOUNT L.L.C. |
About GROWGENERATION CORP (OTCMKTS:GRWG)
GrowGeneration, Corp. operates retail hydroponic and organic specialty gardening retail outlets. The Company owned and operated a chain of approximately eight retail hydroponic/gardening stores located in the states of Colorado and California at November 9, 2015. The Company is also engaged in the development of a branded e-commerce portal at www.GrowGeneration.com. The Company’s stores offer supplies to the hydroponic and gardening industry, including medium (farming soil), hydroponic equipment, lighting, plant nutrients and various additional products used by professional growers and specialty cultivation operations. The Company’s target market segments include home growers of organic vegetable and fruit growers (small farms, home garden growers, restaurants growers and farmer markets), the do-it yourselfers (home flower and plant growers, or mass market and growers in the cannabis related market (dispensaries, cultivators and caregivers). GROWGENERATION CORP (OTCMKTS:GRWG) Recent Trading Information
GROWGENERATION CORP (OTCMKTS:GRWG) closed its last trading session 00.00 at 2.00 with shares trading hands.